The Australian government released its Agricultural Competitiveness White Paper today, hoping to improve the farming sector’s global competitiveness.

The long-awaited paper, originally been promised to deliver within 12 months of the 2013 election, proposes increased drought assistance and tax concessions for farmers, including investment in water infrastructure and fencing.

Farmers will also be able to offset business loans and reduce interest costs through the Farm Management Deposit (FMD) scheme.

“We’re determined to make the sector even more competitive and to deliver practical actions that will keep our farmers and farming families profitable and resilient,” said prime minister Tony Abbott.